Oak Harvest Investment Services Raises Stock Holdings in Snowflake Inc. $SNOW

Key Points

• Oak Harvest Investment Services increased its stake in Snowflake Inc. by 55.3%, totaling 23,840 shares worth $3.48 million as of the latest SEC filing.
• Insider trading activity included significant sales by Director Frank Slootman and CFO Michael Scarpelli, who sold shares worth a combined total of approximately $175 million.
• Snowflake recently reported quarterly earnings of $0.24 per share, exceeding expectations, with revenues of $1.04 billion, reflecting a year-over-year growth of 25.8%.

Oak Harvest Investment Services increased its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 55.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 23,840 shares of the company's stock after acquiring an additional 8,492 shares during the quarter. Oak Harvest Investment Services' holdings in Snowflake were worth $3,484,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of SNOW. Vanguard Group Inc. lifted its stake in Snowflake by 1.2% in the first quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company's stock valued at $3,974,705,000 after purchasing an additional 316,573 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Snowflake by 19.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock valued at $691,693,000 after buying an additional 763,673 shares in the last quarter. Nuveen LLC bought a new position in Snowflake in the 1st quarter worth approximately $555,847,000. Goldman Sachs Group Inc. grew its stake in Snowflake by 22.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after buying an additional 650,775 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Snowflake by 26.5% in the first quarter. Invesco Ltd. now owns 3,088,288 shares of the company's stock worth $451,384,000 after acquiring an additional 647,176 shares during the period. Institutional investors own 65.10% of the company's stock.

Snowflake Trading Up 20.2%

Shares of Snowflake stock traded up $40.45 on Thursday, hitting $240.84. The stock had a trading volume of 42,037,616 shares, compared to its average volume of 5,299,384. The stock's 50-day simple moving average is $210.30 and its two-hundred day simple moving average is $185.15. Snowflake Inc. has a one year low of $107.13 and a one year high of $249.99. The stock has a market cap of $80.41 billion, a price-to-earnings ratio of -57.21 and a beta of 1.22. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94.

Insiders Place Their Bets

In other news, Director Teresa Briggs sold 1,146 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total transaction of $249,530.04. Following the transaction, the director directly owned 4,474 shares of the company's stock, valued at approximately $974,168.76. The trade was a 20.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Christian Kleinerman sold 10,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $216.00, for a total value of $2,160,000.00. Following the completion of the sale, the executive vice president directly owned 537,336 shares of the company's stock, valued at $116,064,576. The trade was a 1.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,516,826 shares of company stock valued at $555,691,052 in the last 90 days. 6.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

SNOW has been the topic of a number of recent research reports. Mizuho increased their price objective on Snowflake from $235.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday. The Goldman Sachs Group upped their target price on shares of Snowflake from $230.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday. DA Davidson reissued a "buy" rating and set a $250.00 price objective on shares of Snowflake in a research note on Monday. Scotiabank upped their target price on Snowflake from $230.00 to $280.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, Morgan Stanley boosted their price objective on Snowflake from $262.00 to $272.00 and gave the stock an "overweight" rating in a report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $255.53.

Snowflake Profile

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.